CUA says customer service stacks up
CUA says borrowers can save $1,247 per year on their mortgage compared with the average ‘Big Four’ bank customer, or more than $31,000 over the life of a 30-year loan, based on calculations by Infochoice.
Andrew Hadley, CUA’s Head of Strategy, said the 0.25 per cent rate cut was just one of a number of new retail initiatives to come this year from CUA as it seeks to compete with the big banks. “We are a market leader in terms of customer service, now this move ensures that our value proposition stacks up as well.”
Shaun Cornelius from Infochoice said he supported the positive announcement from CUA. “This announcement is significant and in stark contrast to recent practices which have seen rate increases, at times by more than the RBA cash rate” said Cornelius. Hadley dismissed concerns that bank customer’s may have about service, saying CUA mortgage applications are typically processed within 48 – 72 hours, ahead of the bank average.
He is confident that those standards can be maintained even of this rate cut announcement generates more demand into CUA. “We are ahead of the banks on service standards, I’m confident we can meet any rise in demand that comes from this initiative, we want to bring some competition back to banking.” The big four banks, now including Bank West and St George sold almost 90 per cent of new mortgages sold in December.
Source: Sunday Mail